BlackRock Fund Advisors recently announced the acquisition of new stake in Range Resources Corporation (NYSE:RRC). The institutional investor has increased its shareholding in the Energy company by 21.48% to 29.99 million shares with purchase of 5.3 million shares. This fresh investment now brings its stake to 11.73% valued currently at $193.76 million. In addition, The Vanguard Group, Inc. raised its holdings by 1.02 million to 25.54 million shares. And Dimensional Fund Advisors LP has lifted its position by 8.31% or 1.13 million shares – to 14.73 million shares.
With over 3.37 million Range Resources Corporation (RRC) shares trading Friday and a closing price of $7.79 on the day, the dollar volume was approximately $26.26 million. The shares have shown a negative weekly performance of -2.26% and its price on 08/28/20 lost nearly -1.27%. Currently, there are 239.47M common shares owned by the public and among those 230.48M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 26 analysts who have offered their price forecasts for RRC have a consensus price objective of $7.45. The analysts have set the share’s price value over the next 12 months at a high of $14.00 and a low of $4.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Range Resources Corporation stock is 3.10 for the next 12 months. The average price target is -5.27% below its last price level and a downside to the estimated low will see the stock lose -94.75% over that period. But an upside of 44.36% will see the stock hit the forecast high price target while mean target price for the stock is $7.00.
Insiders at the company have transacted a total of 45 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 38 of these insider trades were purchases, accounting for 3,415,024 shares. Insider sales of the common stock occurred on 7 occasions, with total insider shares sold totaling 149,015 shares.
The top 3 mutual fund holders in Range Resources Corporation are iShares Core S&P Small Cap ETF, SPDR S&P Oil & Gas Exploration &, and Contrarius ICAV – Global Equity F. iShares Core S&P Small Cap ETF owns 13.25 million shares of the company’s stock, all valued at over $85.59 million. The company bought an additional 83295.0 shares recently to bring their total holdings to about 5.18% of the shares outstanding. SPDR S&P Oil & Gas Exploration & sold 21594.0 shares to see its total holdings shrink to 9.17 million shares valued at over $59.22 million and representing 3.58% of the shares outstanding. Contrarius ICAV – Global Equity F bought 6.41 million shares to bring its total holdings to over 6.41 million shares at a value of $41.41 million. Contrarius ICAV – Global Equity F now owns shares totaling to 2.51% of the shares outstanding.
Shares of Range Resources Corporation (NYSE: RRC) opened at $7.94, up $0.05 from a prior closing price of $7.89. However, the script later closed the day at $7.79, down -1.27%. The company’s stock has a 5-day price change of -2.26% and 25.04% over the past three months. RRC shares are trading 60.62% year to date (YTD), with the 12-month market performance up to 106.63% higher. It has a 12-month low price of $1.61 and touched a high of $9.37 over the same period. Currently, 3.37 million shares have been traded, compared to an average intraday trading volume of 8.10 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -3.50%, 11.59%, and 58.23% respectively.
Institutional ownership of Range Resources Corporation (NYSE: RRC) 239.47M shares outstanding. Mutual fund holders own 49.14%, while other institutional holders and individual stakeholders account for 53.70% and 20.15% respectively.
It has a market capitalization of $2.02B and a beta (3y monthly) value of 2.86. The earnings-per-share (ttm) stands at -$7.39. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.58% over the week and 6.48% over the month.
Analysts forecast that Range Resources Corporation (RRC) will achieve an EPS of -$0.03 for the current quarter, $0.07 for the next quarter and $0.66 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.16 while analysts give the company a high EPS estimate of $0.07. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 2.40%, and 3350.00% over the next financial year. EPS should grow at an annualized rate of 20.97% over the next five years, compared to -30.80% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 26 brokerage firm advisors rate Range Resources Corporation (RRC) as a “Hold” at a consensus score of 3.10. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 19 of the 26 advise that investors “hold,” and 5 rated it as a “Sell.”
Looking at the support for the RRC, a number of firms have released research notes about the stock. Wolfe Research stated their Outperform rating for the stock in a research note on August 12, 2020, with the firm’s price target at. Credit Suisse coverage for the Range Resources Corporation (RRC) stock in a research note released on August 05, 2020 offered a Underperform rating with a price target of $4. Mizuho was of a view on July 23, 2020 that the stock is Neutral, while MKM Partners gave the stock Buy rating on July 09, 2020, issuing a price target of $9. Wells Fargo on their part issued Equal Weight rating on June 25, 2020.